> ## Content Index > Fetch the complete content index at: https://entrepreneurplus.co.uk/llms.txt > Use this file to discover other available public pages before exploring further. # Twig - URL: https://entrepreneurplus.co.uk/graveyard/twig/ - Published: 2026-10-21T11:10:23.000Z - Updated: 2026-10-21T11:29:49.000Z - Description: 'Bank of things' resale fintech; creditors' voluntary liquidation Jan 2024 owing £15.4M after a failed Series B - Author: Editorial Desk - Tags: #ep-grave ✝ Startup · Creditors' voluntary liquidation · 23 January 2024 'Bank of things' resale fintech; creditors' voluntary liquidation Jan 2024 owing £15.4M after a failed Series B Companies House [12685476](https://find-and-update.company-information.service.gov.uk/company/12685476?ref=entrepreneurplus.co.uk) · Liquidation How it ended Creditors' voluntary liquidation Ended 23 January 2024 Founded 2020 Sector Fintech Based in London Funding raised $35M + £4M Backed by Fasanara Capital Last known website [twig.money](https://twig.money/?ref=entrepreneurplus.co.uk) Last checked 21 October 2026 ## What happened Twig, incorporated as Diem Group Ltd in June 2020 and renamed in 2022, offered an app and card that paid users instantly for second-hand clothes, phones and other items, positioning itself as a circular-economy 'bank of things'. Founder Geri Cupi raised a £4M seed and then a $35M Series A in 2022 led by Fasanara Capital, and bought the refurbished-phone marketplace Mobi Market in 2022 and Vybe in 2023\. Unable to close a Series B in the 2023 funding market, the company entered creditors' voluntary liquidation on 23 January 2024 with Anthony Hyams and Kelly Knight of Insolve Plus appointed liquidators. Filings showed £15.4M owed, including £9.2M to unsecured creditors and £6.2M under a floating charge to Fasanara. Mobi Market went into a separate administration overseen by Menzies. ## Why - Could not raise the next round - Macro / market conditions ## What happened to the assets, customers and team Company in creditors' voluntary liquidation owing about £15.4M; Fasanara Capital is the largest creditor under a £6.2M floating charge. Cupi said customers with outstanding orders had no exposure and only a handful of staff were affected. Subsidiary Mobi Market entered administration under Menzies. ## In their words > In common with the rest of the startup market in 2023 we faced a challenging environment to complete the series B fundraising and ultimately we were unable to secure sufficient financing for the period ahead. > > Geri Cupi, founder and CEO · [source](https://www.uktech.news/fintech/twig-circular-economy-fintech-closes-insolvency-20240131?ref=entrepreneurplus.co.uk) > We made sure they were looked after and only a handful were affected. > > Geri Cupi, founder and CEO · [source](https://www.uktech.news/fintech/twig-circular-economy-fintech-closes-insolvency-20240131?ref=entrepreneurplus.co.uk) ## Lessons A large Series A followed by acquisitions set a burn rate that depended on a Series B arriving on schedule; when the 2023 market closed, there was no runway to adjust. Debt-style funding from the lead investor left it as the main secured creditor. ## Backed by - [![](https://storage.ghost.io/c/05/a4/05a4a052-18ab-4836-8924-ec8b322c371c/content/images/2026/10/fasanara-capital-logo.jpg)Fasanara Capital](https://entrepreneurplus.co.uk/investors/fasanara-capital/) ## Sources 1. [find-and-update.company-information.service.gov.uk](https://find-and-update.company-information.service.gov.uk/company/12685476?ref=entrepreneurplus.co.uk) 2. [thegazette.co.uk](https://www.thegazette.co.uk/notice/4542445?ref=entrepreneurplus.co.uk) 3. [uktech.news](https://www.uktech.news/fintech/twig-circular-economy-fintech-closes-insolvency-20240131?ref=entrepreneurplus.co.uk) 4. [fintechfutures.com](https://www.fintechfutures.com/fintech/twig-enters-liquidation-becoming-latest-uk-fintech-to-shut-down?ref=entrepreneurplus.co.uk) 5. [finextra.com](https://finextra.com/newsarticle/43643/circular-economy-fintech-twig-shuts-down?ref=entrepreneurplus.co.uk) ✓ Verified by EP+ Every Graveyard entry is checked against Companies House and the sources above, and re-checked periodically. Spotted an error or a company that has been rescued? [Tell us](mailto:info@entrepreneurplus.co.uk?subject=Graveyard%20correction%3A%20Twig). [← The Graveyard](https://entrepreneurplus.co.uk/graveyard/)